In November 2016, OPEC nations joined hands with other oil producing countries like Russia, Mexico, Kazakhstan and Oman to rebalance an oversupplied oil market helping the prices surge from a dramatically low point.

According to Reuters, OPEC agreed on Wednesday its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production.Saudi Arabia decided to cut production by 500,000 barrels per day.